Rupee Wrap - April 18, 2022 - Reliance Securities

Mr. Sriram Iyer, Senior Research Analyst at Reliance Securities

The Indian Rupee ended weaker against the U.S. Dollar, weighed down by rising crude prices and strong dollar and bond yields.

However, the local unit was off session lows helped by sale of dollars by some state-run banks and corporate-linked dollar inflows.

The Rupee ended at 76.26 this Monday from 76.18 close on Wednesday.

The local unit had touched the day's low of 76.43 tracking weaker Asian markets, as the prolonged conflict in Ukraine rekindled worries about global fuel supply disruptions.

The Rupee also weakened this Monday as hawkish Fed officials and dovish ECB continued to push the dollar and the bond yields higher.

Meanwhile India's Wholesale prices quickened 14.55% from a year earlier in March, the fastest momentum since November, government data showed.

Non-Deliverable Forward (NDF) is currently trading at 76.26/27 vs a close at 76.21 on Friday.

Technically, the USDINR Spot pair did not sustain above the resistance zone at 76.38-76.55 level and could move back to the support zone at 76.15-76.00. The USDINR Spot pair could trade in a range of 76.00-76.50 levels in coming session.

The U.S. Dollar is trading stronger this Monday evening in Asian trade. The Euro, the Sterling and the Yen was weaker against the Dollar this Monday evening trade.

Technically, the Dollar Index could trade in a broad range of $100.99-99.98 in this Monday's session.

Source : Equity Bulls

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